Viacom's Paramount Pictures inks deal with Chinese film companies

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Viacom's Paramount Pictures has signed a three-year deal with two Chinese film companies, Shanghai Film Group and Huahua Media, the companies said on Thursday.

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As part of the agreement, Shanghai Film Group and Huahua Media will co-finance Paramount's full film slate.

Viacom shares spiked higher in afternoon trading but pared gains to close at $39.80.

(Reporting by Tim Baysinger)